1. Technology, costs and projections
ITM Power RHA
Technology, costs and projections
Stephen Jones| Managing Director

2. PRESENTATION CONTENTS
Hydrogen energy systems
Introduction
Technology
Product Standardisation
Price Trajectory
Examples
Sumitomo Corporate visit to ITM Power

3. What WE do Unique selling points:
Hydrogen energy systems
Unique selling points:
Rapid response: less than 1 second
Elevated Pressure: bar
High efficiency: % (with heat recovery)
Small Footprint: smaller than alkaline
Low cost: approaching large scale alkaline
Reference plant: at MW scale
Experience in the field: in many applications
ITM Power manufactures integrated hydrogen energy systems

4. Overview: Full year results
Hydrogen energy systems

5. Markets Strong growth of revenue generating assets:
Hydrogen energy systems
Strong growth of revenue generating assets:
Currently 16 tonnes | £160k of hydrogen sales
Up 700% YoY
New fleet of 200 FCEVs are not included
3 tonne/day capacity (40 buses and 800 cars)
Potential Hydrogen sales of £9.3m when the existing portfolio is fully utilised.

6. Product Evolution
Hydrogen energy systems
ITM Power manufactures integrated hydrogen energy systems

7. Product Standardisation Product Offering Cost Structure
Production Capacity
2MW Standard Module

8. Technology Considerations
Hydrogen energy systems
ITM Stack Platform
PEM stack technology
Modular design philosophy
Flexible system capacity
Scalable & phased deployment options
Stack generates hydrogen at pressure
Minimise requirement for compression
High energy efficiency
Differential pressure stack
Simplified safety case | High hydrogen purity
Use low cost, light weight & non polluting pipework
High Availability
No single point of failure
Rapid stack exchange in field | No down time during maintenance
ITM PEM Technology

9. Product Standardisation
Hydrogen energy systems
ITM Stack Platform
Proton Exchange Membrane technology
Differential pressure operation
Oxygen pressure close to ambient
No tie-rods | Rapid assembly | Rapid exchange
Process temperature of circa 55oC
Mature PEM technology
Low part count & lean principles
Cell Area: 1,000cm2
Cells/Stack: 100
Current density 3A/cm2
Existing Stack Platform | Modular Philosophy | Mature Technology

10. Product Standardisation
Hydrogen energy systems
Standardisation | Production | Market Offering
Definition of 2MW module & 10MW stack skid
Enables efficiencies in manufacture & test
Well defined cost & trajectory
Modular system provides flexibility of offering
New projects all specified using known modules
Minimises design time & cost for each project
Scalable to 100MW with balance of plant
2MW Standard Module

11. 10MW STACK SKID Standardisation | Production | Market Offering
Hydrogen energy systems
Standardisation | Production | Market Offering
Definition of 2MW module & 10MW stack skid
Enables efficiencies in manufacture & test
Well defined cost & trajectory
Modular system provides flexibility of offering
New projects all specified using known modules
Minimises design time & cost for each project
Scalable to 100MW with balance of plant
Standard 10MW Stack Skid of five 2MW Standard Modules

12. Shell 10MW project |
Hydrogen energy systems
10MW Stack Skid in Shell Refinery building
10MW PEM electrolyser system for refinery applications
Flagship 10MW project with Shell
Largest refinery in Germany
Benefit of Shell engineering & permitting rigor
Excellent reference plant & customer
Strong engagement from refinery hydrogen sector
10MW Electrolyser System in Shell Refinery building
10MW Electrolyser System in Shell Refinery building
Building Germanys largest PEM electrolysis plant at Rhineland refinery.

13. 100MW Plant Designs 100MW PEM electrolyser system
Hydrogen energy systems
100MW PEM electrolyser system
Based on 10MW standard skids
Increasing industrial interest
Shell experience:
Benefit of Shell engineering & permitting rigor
Excellent reference plant
Strong engagement from refinery hydrogen sector
Industrial Hydrogen | P2G | Refineries | Ammonia | Steel

14. NEW FACTORY Capacity | General Hydrogen energy systems
Grounds 30,000 m2
Floor Space 11,610 m2
125 Car parking spaces
7MW power supply
Product Assembly
External Product Testing
Stack Production
Technology Centre
Sales, Marketing & Corporate Area
Offices | Canteen

15. Production capacity in the current S2 facility
Hydrogen energy systems
Production Capacity
Colocation into new production facility
Manufacturing space increased by 5x
Adoption of semi-automated stack component preparation
Increase of power on-site to allow testing of larger systems
Heads of terms agreed
Costs in-line with expectations
Production capacity in the current S2 facility
Production capacity based on standard 10MW stack skids and 2MW standard modules

16. Production Capacity ITM Electrolyser Cost Projections
Hydrogen energy systems
ITM Electrolyser Cost Projections
Expect system sizes to grow over time
Larger scale enable cost reduction
Larger volume enable efficiencies
Continuous technology improvements
Sensitive to scope of supply
<€1,000/kW MW scale | 10MW | <€500/kW by mid 2020’s

17. ELECTROLYSER SYSTEM COST CONSIDERATIONS
Hydrogen energy systems
ITM Electrolyser Cost
OpEx more important than CapEx
Example TCO for 10MW system:
Capex is 15-25% of TCO
Total OpEx is 75-85%
Electricity price is 80-90% of OpEx
Cost of electricity is primary factor for cost of hydrogen ($/kg)
Cost reduction will come via volume manufacture BUT more important is Power density of systems to reduce capex and net price of electricity.
Factors of total cost of ownership

18. Technology, costs and projections
ITM Power RHA
Technology, costs and projections
Stephen Jones| Managing Director